Creador to pick up 19.6% stake in Hinduja Tech for $50 mn
It has signed a definitive agreement in this regard and the deal is subject to completion of customary closing conditions, a statement said.
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CHENNAI: Hinduja Tech Ltd, an arm of commercial vehicle maker Ashok Leyland, on Thursday said private equity firm Creador will acquire 19.6 per cent in it for $50 million (nearly Rs 415 crore). It has signed a definitive agreement in this regard and the deal is subject to completion of customary closing conditions, a statement said.
This investment places Hinduja Tech, a mobility-focused global engineering R&D services firm, at a post-money equity value of $255 million (over Rs 2,110 cr). ‘
’The infusion of capital will allow Hinduja Tech to augment its existing capabilities in R&D via organic and inorganic means, enhance global footprint and expand its labs towards emerging as a global leader in sustainable engineering mobility services,’’ it said.